GBPJPY has been in a bearish trend since previous days and has been forming the lower low and lower high formation, which indicates the bearish momentum for the continuation. Right now, market is at support. We will be waiting for the market to tap the minor resistance where we can assess the price action of a bearish market to hop on to the bearish move. 

The ascending trendline has broken out for sells. The descending trendline is retesting the price action at the resistance level which needs to be focused towards the bearish side.

I do not see a retracement on the bearish structure. 

EMA 50 is also bearish and needs to form a retest at the resistance level which needs to further fuel its pavement downwards.

RSI is at 34. It needs to neutralize itself at the 50 level in order to align with the tecnical analysis of the chart.

GBPJPY has a trendline breakout sell

Nov 21 2023

Stop Loss -0.40%

Holding time 12hr

185.550

Entry price

186.287

Stop loss price